Tips for Writing a Winning Business Plan:
Executive Summary
Demonstrate your understanding of the business and industry. Predict and address concerns that a potential investor might have. Include highlights of how and when the business will pay back investors.
Company and Product Overview
Include a history of sales, profits, or other company financial information. Be honest about challenges you've faced in the past and overcome. Demonstrate your understanding of the industry. Show that you've talked with distributors, competitors, or retailers. Articulate the features and benefits of your product or service. Clearly chart the path to product development.
Market Analysis
Demonstrate your understanding of the industry. Identify and address business risks. Include a detailed description of your target customer. Identify all direct and indirect competitors. Discuss your market position relative to competitors.
Marketing and Sales Plan
Consider the position of your product or service in the marketplace. Define a price based on the customer and the market. Complete a selling plan to offer the product. Describe the distribution channels you will use to sell the product or service. Include a complete budget for advertising and promotion.
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Operations Plan
Ensure that your product addresses customers' needs and wants. Fully describe how the product works or how the service is used. Allocate sufficient resources to research and development. Include highlights of how and when the business will pay back investors. Describe how and when services will be completed and delivered. Describe how your product or service will be improved on a regular basis.
Management Team
Make sure your team has the skills required to run the business well. Select a board of directors with sufficient experience. Include a detailed action plan to meet staffing requirements. Make strategic alliances to compliment members' skill sets.
Financials
Complete research required to support your revenue assumptions. Include all funds required to launch your business. Consider ongoing cash flow needs. Include an exit or payback plan for lenders or investors. Forecast financials for an appropriate time period. Explicitly indicate when the company will earn a profit.
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